Fla. Fraudster Cops To $22M Ponzi Scheme

Law360, New York (August 30, 2011, 3:13 PM EDT) -- An ex-convict admitted Monday that he and a partner bilked $22 million out of more than 100 investors, many of them Florida teachers and retirees, through a three-year Ponzi scheme.

James Davis Risher, who was also hit with a civil complaint by the U.S. Securities and Exchange Commission on Monday, signed a plea deal with federal prosecutors, agreeing to cop to counts of mail fraud, money laundering and engaging in an illegal monetary transaction. His alleged partner, former insurance broker Daniel J. Sebastian, was named in...